I remember reading arguments that executive should try to maximize the value of their shareholders' portfolios rather than just the firm itself. Which leads to

I remember reading arguments that executive should try to maximize the value of their shareholders' portfolios rather than just the firm itself. Which leads to interesting incentives that don't exactly align with the benefits you would want to get out of a market economy, such as firm A not entering firm B's market to avoid driving down retail prices, even if it would be beneficial for firm A on its own. So, the argument would be that if a lot of a firm's shareholders also own commercial real estate, it would be in the firm's shareholders interest for RTO, even if it wouldn't be in the individual firm's best interest.